fbpx Accept-Encoding: deflate, gzip

Registered Investment Adviser Caleb Lawrence 

The major averages enter the final hour with small gains despite disappointing news. Since Monday the Standard and Poors 500 Index is up 32 points or 1.3%, while the NASDAQ has gained 149 points or 2.4%.

The August employment report missed expectations with 156,000 new jobs created as per the Bureau of Labor Statistics or BLS. The unemployment rate ticked up to 4.4%, average hourly earnings advanced .1, the average workweek slipped .1 hour to 34.4 hours, the labor force participation rate was unchanged at 62.9%. June and July were revised down by a combined 41,000. Disappointing but the 3-month moving average for job creation advanced to 185,000, a respectable figure.

Continuing the trend for soft real estate related data of late. Construction spending slipped .6% in July, a 3rd decline in the last 4-months. Public and non-residential construction activity both fell notably for the month.

The August Institute for Supply Management manufacturing index advanced 2.5 points to 58.8 beating expectations. Led by inventories and employment, new orders actually slipped fractionally for the month. Prices paid remained steady at 62.

error

Enjoy this blog? Please spread the word :)